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Technology Prizes for Climate Change Mitigation

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  • Newell, Richard

    () (Resources for the Future)

  • Wilson, Nathan

Abstract

We analyze whether technology inducement prizes could be a useful complement to standard research grants and contracts in developing climate change mitigation technologies. We find that there are important conceptual advantages to using inducement prizes in certain circumstances. These conceptual inferences are borne out by an examination of the track record of prizes inducing research into public goods, including relevant energy technologies. However, we also find that the prizes’ successes are contingent on their proper design. We analyze how several important design elements could influence the effectiveness of a climate technology prize.

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Bibliographic Info

Paper provided by Resources For the Future in its series Discussion Papers with number dp-05-33.

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Date of creation: 28 Jun 2005
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Handle: RePEc:rff:dpaper:dp-05-33

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Related research

Keywords: inducement prize; research and development; climate change; technology; policy;

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References

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  1. Michael Kremer, 1998. "Patent Buyouts: A Mechanism For Encouraging Innovation," The Quarterly Journal of Economics, MIT Press, vol. 113(4), pages 1137-1167, November.
  2. Shavell, S. & Ypersele, T. van, 1999. "Rewards versus intellectual property rights," Discussion Paper 1999-26, Tilburg University, Center for Economic Research.
  3. Benny Moldovanu & Aner Sela, 2001. "The Optimal Allocation of Prizes in Contests," American Economic Review, American Economic Association, vol. 91(3), pages 542-558, June.
  4. Jaffe, Adam B. & Newell, Richard G. & Stavins, Robert N., 2005. "A tale of two market failures: Technology and environmental policy," Ecological Economics, Elsevier, vol. 54(2-3), pages 164-174, August.
  5. Palmer, Karen & Newell, Richard & Gillingham, Kenneth, 2004. "Retrospective Examination of Demand-side Energy-efficiency Policies," Discussion Papers dp-04-19, Resources For the Future.
  6. Yeon-Koo Che & Ian Gale, 2000. "Optimal Design of Research Contests," Econometric Society World Congress 2000 Contributed Papers 1784, Econometric Society.
  7. Masters, William J., 2003. "Research Prizes: A Mechanism To Reward Innovation In African Agriculture," 2003 Annual meeting, July 27-30, Montreal, Canada 22162, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  8. Michael Kremer, 1997. "Patent Buy-Outs: A Mechanism for Encouraging Innovation," NBER Working Papers 6304, National Bureau of Economic Research, Inc.
  9. Kremer, Michael R., 1998. "Patent Buyouts: A Mechanism for Encouraging Innovation," Scholarly Articles 3693705, Harvard University Department of Economics.
  10. Macauley, Molly & Davis, James, 2001. "An Economic Assessment of Space Solar Power as a Source of Electricity for Space-Based Activities," Discussion Papers dp-01-46, Resources For the Future.
  11. Wright, Brian Davern, 1983. "The Economics of Invention Incentives: Patents, Prizes, and Research Contracts," American Economic Review, American Economic Association, vol. 73(4), pages 691-707, September.
  12. Michael Kremer, 2001. "Creating Markets for New Vaccines - Part II: Design Issues," NBER Chapters, in: Innovation Policy and the Economy, Volume 1, pages 73-118 National Bureau of Economic Research, Inc.
  13. Richard L. Fullerton & R. Preston McAfee, 1999. "Auctioning Entry into Tournaments," Journal of Political Economy, University of Chicago Press, vol. 107(3), pages 573-605, June.
  14. Taylor, Curtis R, 1995. "Digging for Golden Carrots: An Analysis of Research Tournaments," American Economic Review, American Economic Association, vol. 85(4), pages 872-90, September.
  15. Macauley, Molly & Darmstadter, Joel & Fini, John & Greenberg, Joel & Maulbetsch, John & Schaal, A. Michael & Styles, Geoffrey & Vedda, James, 2000. "Can Power from Space Compete?," Discussion Papers dp-00-16, Resources For the Future.
  16. Stephen M. Maurer & Suzanne Scotchmer, 2003. "Procuring Knowledge," NBER Working Papers 9903, National Bureau of Economic Research, Inc.
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Citations

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Cited by:
  1. Lehmann, Paul, 2009. "Climate policies with pollution externalities and learning spillovers," UFZ Discussion Papers 10/2009, Helmholtz Centre for Environmental Research (UFZ), Division of Social Sciences (ÖKUS).
  2. Joseph E. Aldy & William A. Pizer, 2009. "Issues in Designing U.S. Climate Change Policy," The Energy Journal, International Association for Energy Economics, vol. 0(Number 3), pages 179-210.
  3. de Coninck, Heleen & Fischer, Carolyn & Newell, Richard G. & Ueno, Takahiro, 2008. "International technology-oriented agreements to address climate change," Energy Policy, Elsevier, vol. 36(1), pages 335-356, January.
  4. Thomas Eichner & Rüdiger Pethig, 2010. "International Carbon Emissions Trading and Strategic Incentives to Subsidize Green Energy," CESifo Working Paper Series 3083, CESifo Group Munich.
  5. Masters, William A. & Delbecq, Benoit, 2008. "Accelerating innovation with prize rewards: History and typology of technology prizes and a new contest design for innovation in African agriculture," IFPRI discussion papers 835, International Food Policy Research Institute (IFPRI).

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